"Instead of game over, we will take this to a higher level," says cloud gaming service

"Steve continues as CEO and is currently concentrating on the transition; once this is complete, he'll be very focused on our next product releases and the vision," said the cloud gaming company in a statement.

"There will be changes to the organisation both with old and new OnLive staff that will be bringing new features and games to the service. There will be more announcements - both large and small, such as the arrival of the Vizio CoStar and the Ouya Kicktarter project, and stay tuned for major announcements coming soon."

The death of the original OnLive company saw around 50 per cent of staff lose their jobs, and all assets and IP acquired by one time investor, now owner, Gary Lauder.

"Gary invested in OnLive because he sees OnLive as the future of gaming, computing and media delivery, he recognizes just how big an idea it is, and is standing firmly behind it. With OnLive on solid financial footing, we see great things ahead."

"Instead of 'game over,' we will take this to a higher level."

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Cloud gaming obviously will play a massive part in the future of gaming, of that there is no doubt. However, whether that is viable now remains to be seen. After all, if it's true OnLive had only 1600 paying subscribers at the time of collapse then first and foremost they need a serious rethink on how to attract and what to offer paying customers.

It will be interesting to see if, armed with the knowledge and experience of failure they can avoid falling into the same trap a second time around.